NorthCrest Asset Manangement LLC Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

NorthCrest Asset Manangement LLC grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 39.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,984 shares of the semiconductor company’s stock after purchasing an additional 5,103 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Marvell Technology were worth $1,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in MRVL. Centricity Wealth Management LLC purchased a new position in Marvell Technology in the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology in the fourth quarter worth approximately $27,000. Lee Danner & Bass Inc. purchased a new position in Marvell Technology in the fourth quarter worth approximately $35,000. Capital Analysts LLC lifted its stake in Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 241 shares in the last quarter. Finally, Sierra Ocean LLC acquired a new position in Marvell Technology during the fourth quarter worth $44,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Mark Casper sold 626 shares of the business’s stock in a transaction on Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the completion of the sale, the executive vice president now directly owns 626 shares of the company’s stock, valued at $38,248.60. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $60.00, for a total transaction of $90,000.00. Following the sale, the chief financial officer now directly owns 124,348 shares of the company’s stock, valued at $7,460,880. This represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 33,541 shares of company stock valued at $2,079,948. Company insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Stifel Nicolaus reduced their price objective on Marvell Technology from $115.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Rosenblatt Securities reiterated a “buy” rating and issued a $124.00 price objective on shares of Marvell Technology in a research note on Friday, May 30th. Morgan Stanley increased their price objective on Marvell Technology from $70.00 to $73.00 and gave the company an “equal weight” rating in a research note on Friday, May 30th. Susquehanna reduced their price objective on Marvell Technology from $110.00 to $90.00 and set a “positive” rating on the stock in a research note on Tuesday, May 27th. Finally, Loop Capital reduced their price objective on Marvell Technology from $110.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. Seven research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $94.73.

Marvell Technology Trading Down 3.5%

Shares of Marvell Technology stock opened at $67.19 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The company has a market capitalization of $58.04 billion, a P/E ratio of -39.52, a P/E/G ratio of 1.61 and a beta of 1.76. The business has a 50 day moving average price of $60.30 and a 200 day moving average price of $85.17.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. Marvell Technology’s revenue for the quarter was up 63.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.24 EPS. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.36%. Marvell Technology’s payout ratio is currently -42.11%.

Marvell Technology Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.